Innocean Worldwide joined hands with America’s largest independent media agency to launch a global media business.
Innocean announced on August 17 that its subsidiary Innocean Worldwide will set up a joint venture with Horizon Media, the largest independent media agency in the United States, as part of an effort to create presence in the U.S.
The joint venture will have a paid-in capital of US$9.6 million. Innocean will have a 51-percent stake, while Horizon Media 49 percent. Innocean expects the establishment of the joint venture to create additional earnings of $40 million per year.
The joint venture will launch a variety of media buying and planning activities in the U.S., including those for Hyundai Motor and Kia Motors, starting from January 2016. The joint venture, which will have its base in New York and Los Angeles, will set up regional offices in Chicago, Dallas, and Atlanta. It plans to hire 250 employees by the end of this year.
